Foreclosures - How Does a Foreclosure Auction Work?

A lot of people have heard of missing money, unclaimed funds, and surplus funds. When you think of those words you mainly think of money you left in a bank in some state you used to live in. Or about that one job you quit when you were sixteen years old that never paid you your last check. Now a days all you have to do is go to a website and type in your social and they’ll tell you if you’re owed money somewhere. In most cases there’s 10% fee for doing so. The amount owed back to you could range anywhere from a couple hundred dollars to thousands of dollars.

Anyways, here is what I am getting at, what is the most common thing that is happening right now? Foreclosures, foreclosures, foreclosures. I know you’re asking yourself, what do foreclosures have to do with unclaimed funds? Well, my brother is a lawyer, and he was telling me some pretty interesting stuff about real estate auctions and over bids. Here is how it works, say you had a foreclosure and the final balance on the home was $100,000. The bank wants to get that money back so they send the home to an auction where people bid on it. If the final bid is higher than the amount owed, i.e. $120,000, you are rightfully owed that money. The majority of people don’t know this and their money is sitting around with the state collecting interest on it. In the example I gave above, you would be owed $20,000. This situation happens everyday in every single county in the United States.

Here is some even better news, you could be the one who is owed money, or even better, you could collect a commission for finding people’s unclaimed real estate funds for them. There are companies that specialize in this and give you the proper training and the legal forms you need. After the claimants sign the forms then you would have rights to 50% of the proceeds. So in the example above, you would have made a $10,000 commission. This could essentially be a perfect home based business for people who love real estate but don’t want the headache that comes with being a landlord. My brother told me there is an estimated 35 billion dollars in counting of unclaimed real estate funds out there. Why not take advantage of the economic crisis and help people find their unclaimed real estate funds for a living? I’ve seen some testimonials online of people earning 6 figures a year doing this from home. It’s sad that in this economy so many people don’t know about this topic. There are a lot of people that could use the money, and a lot of people that need a job.

Foreclosures - How Does a Foreclosure Auction Work?